Bernstein Sees Bitcoin Soaring to $300K by 2029 and $1M by 2033

Bernstein analysts have made significant predictions for Bitcoin's future price, citing rising government debt and currency debasement as key drivers.

In their base case scenario, they expect Bitcoin to reach $150,000 by mid-2027 and $300,000 by 2029. However, under a bull case scenario, the cryptocurrency could peak at $500,000 in 2029 and $1 million by 2033.

The analysts believe that institutional capital chasing Bitcoin more aggressively would lead to a faster timeline, with potential prices of $200,000 by mid-2027 and $500,000 in 2029. This scenario is fueled by the 'debasement trade' replacing AI mania, as evidenced by BlackRock's spot Bitcoin ETF returning to the top 10 most-traded ETFs.

Bernstein cut its Strategy price target from $450 to $350, citing equity dilution and accelerated cash burn. The firm also maintains an Outperform rating on Strategy, despite a recent drop in stock price by over 2% in premarket trading.